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Mexican Peso/US Dollar

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MXNUSD trade ideas

The 18.5000 level is more important than you think!The USDMXN 18.5000 level has capped the rally in recent weeks. And you can see the strong descending trend line capping the market. Even the rally this week has tried to keep a "lower high" but we think this is just a byproduct of the descending trend line. A break of the 18.5000 level would target 18.8700, but 20.2100 would be more likely.  While above the 200dma we expect a break of resistance.  You should keep a close eye on the RSI (lower panel) on a breakout. If price moves higher, the RSI could be a good gauge to see if the trend will continue with a confirming move higher, or potential divergence which could signal we hit a near term top between 18.8700 to 20.2100.
Long
by ForexAnalytixPipczar
1
Oct 22th, 2023 - USDMXN to 17.77?Last week USDMXN traded between 17.85 and 18.46. Given Banxico's decision to maintain its benchmark policy rate at a record high of 11.25% at its September 2023 meeting, as widely expected, and FED's expectation to hike rates if the economy remains hot... Short term, (weekly) my bias is for dollar weakness. I am looking for dollar strength around the 105.917 DXY handle.... This move could possibly lead to MXN nearing the 17.77 handle for this week. This is not financial advice by any means, I am not a licenced financial advisor and these are just my points of view of the market. FX:USDMXN
by AngelMondragon16
USDMXN Prime short position as it approaches a 2-year ResistanceThe USDMXN pair has been on a strong rise since July 28th, which was a Lower Low at the bottom of a 2-year Bearish Megaphone pattern. The rally has extended to a point where the price is about to test that 2-year top (Lower Highs) Resistance. The previous Lower High was priced exactly on the 0.786 Fibonacci retracement level and the new one is only a fraction away at 18.6900. We consider that current level already good enough to short, as the 1D RSI has also been on the overbought barrier (70.00) since October 03. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
Short in USDMXNToday, I opened a short position on the USDMXN due to the strong bearish trend in recent months. This trend has been driven by the attractiveness of Mexican bonds with their high interest rates. However, today's release of the CB Consumer Confidence (Aug) data in the United States was significantly lower than expected. The actual value was 106.1, while the forecast was 116 and the previous value was 110. This reinforces my belief that the bearish trend will continue, at least until reaching 16.65. It is worth mentioning that my perspective may change if tomorrow's Core PCE data in the United States is higher than 3.9%. In that case, I will close the position as it would strengthen the dollar. Remember that the financial market is volatile and subject to constant changes. It is always advisable to assess the data and adjust strategies accordingly.
Short
by JuanHernandez
USDMXNMy own view on USDMXN This trading pair has been declined for many trading weeks with the strong in MXN (Long 80% of MXN by big financial institutions showed on CFTC data). This week, the CFTC Data shows that Big Financial Institutions have closed Long Positions and Add more short Positions on MXN. FED also prepares for raising more rate as inflation is still higher. I expect this trading pair will be very bullish in these two trading weeks. This is just my point of view not financial advice.
Long
by GreenStoneFX